TNA PRESIDENT BILLY CORGAN FILES LAWSUIT AGAINST TNA, DIXIE CARTER AND MORE

[Sabretooth]

Dave Meltzer recently reported via the Wrestling Observer Radio that TNA will likely file for bankruptcy in the hopes of absolving their increasingly mounting debt. There’s no current indication as to what would happen after that, but as of now chief creditors include Aeroluxe, Billy Corgan, and the Fight Network.

Meltzer also noted that Dixie Carter doesn’t want to look bad, which seems almost comical at this point:

“The whole thing is, Dixie is still trying to figure out a way – this is why it hasn’t been sold – I don’t know if it’s to stay in control but the whole thing is, she doesn’t want to look bad publicly.”

Meltzer did not say if TNA would be filing Chapter 7 or Chapter 11 bankruptcy. It’s possible TNA could stay alive if they filed for Chapter 11 but Chapter 7 would likely mean the end of the company. As noted this morning, TNA has scheduled TV tapings at Universal Studios in Orlando for early January.

Sorry Dixie you'r reputation is ripped and ruined ya dumb twat

 

[Smart Marx]

Time has told us. We got The Shield and Sami Zayn and Kevin Owens and Finn balor and The Four Horsewomen

Don't forget all the indie signings from this year as well:

AJ Styles, Bobby Roode, The Club, Eric Young, Roderick Strong, etc...

 

[Sabretooth]

Don't forget all the indie signings from this year as well:

AJ Styles, Bobby Roode, The Club, Eric Young, Roderick Strong, etc...

Yeah but AJ and the Club weren't in NXT.

 

[Smart Marx]

Yeah but AJ and the Club weren't in NXT.

Triple H is still head of talent regardless of where they end of up.

 

[Deezy]

I feel for fight network, I feel partly responsible for pitching their pick up on their message board.

 

[Keith]

Time has told us. We got The Shield and Sami Zayn and Kevin Owens and Finn balor and The Four Horsewomen

That's subjective though. Some would say than good talent will always get over if given the right push, and its debatable how good or how over those talent are. WWE seem to be heading in the right direction at least.

 

[Sabretooth]

After reports that TNA had run out of money last month, owner Dixie Carter frantically tried to raise the funds to put on their biggest PPV of the year Bound For Glory. Everyone from TNAPresident Billy Corgan to WWE were rumoured – I’m pretty sure I was buying TNA at one point – but a ‘third party’ saved the day at the last minute, which seems to be the Fight Network’s parent company Anthem Sports & Entertainment.

This gave TNA enough money to put on Bound for Glory and the subsequent TV tapings, but the issue still remains: what is really going on backstage?

Corgan filed a lawsuit against TNA and Carter two weeks ago, and now the case’s sealed documents have been released, we might have an answer to that question.

PWInsider and ProWrestlingSheet are reporting that Corgan’s lawsuit claims that as TNA’s debts now outweigh its actual worth, the company is insolvent – which means it can’t pay back the people they owe money to.

The lawsuit’s released documents allege that when Corgan invested in TNA for the third time back in August this year – to save the company from foreclosure – he entered into a “100% equity pledge agreement” with TNAowner Dixie Carter. Which means if TNA becomes insolvent – like Corgan is claiming they have – he gets Carter’s 92.5% share of the company.

TNA’s financial issues were never just going to affect the company’s ownership, though, and the effects are trickling down to the wrestlers themselves.

WrestlingNewsWorld are reporting that TNA’s entire roster were told they would be receiving checks for their recent dates, but almost nobody got one. This has prompted at least a dozen wrestlers to reportedly threaten to quit if they’re not paid, and several have already retained attorneys to declare their contracts have been breached and that they’re now free agents.

According to the site, some are already reaching out to WWE to see if there’s any interest. Usually WWE wouldn’t touch them if there’s impending litigation, but because TNA is in such a bad state – which is to say, they’ve got enough lawsuits as it is right now – WWE are “expected to be aggressive as they’re still searching for more talent.”

Well, shit.

 

[Keith]

History repeating itself or what?

 

[Deezy]

Lashley who can talk vs Brock at Mania.

MMA fight......winner takes Takers Mania spots.

Book it.